Flag of Italy

Italy Economy Profile 2014

Home > Factbook > Countries > Italy

Economy - overviewItaly has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is higher. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 133% of GDP in 2013, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era records. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2013 economic growth and labor market conditions deteriorated, with growth at -1.8% and unemployment rising to 12.4%, with youth unemployment around 40%. Italy's GDP is now 8% below its 2007 pre-crisis level.
GDP (purchasing power parity)$1.805 trillion (2013 est.)
$1.838 trillion (2012 est.)
$1.883 trillion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$2.068 trillion (2013 est.)
GDP - real growth rate-1.8% (2013 est.)
-2.4% (2012 est.)
0.4% (2011 est.)
GDP - per capita (PPP)$29,600 (2013 est.)
$29,800 (2012 est.)
$30,100 (2011 est.)
note: data are in 2013 US dollars
Gross national saving17.4% of GDP (2013 est.)
16.9% of GDP (2012 est.)
16.4% of GDP (2011 est.)
GDP - composition, by end usehousehold consumption: 60%
government consumption: 20.6%
investment in fixed capital: 17.6%
investment in inventories: -0.3%
exports of goods and services: 30.1%
imports of goods and services: -27.9%
(2013 est.)
GDP - composition by sectoragriculture: 2%
industry: 24.4%
services: 73.5% (2013 est.)
Population below poverty line29.9% (2012)
Labor force25.74 million (2013 est.)
Labor force - by occupationagriculture: 3.9%
industry: 28.3%
services: 67.8% (2011)
Unemployment rate12.4% (2013 est.)
10.7% (2012 est.)
Unemployment, youth ages 15-24total: 35.3%
male: 33.7%
female: 37.5% (2012)
Household income or consumption by percentage sharelowest 10%: 2.3%
highest 10%: 26.8% (2000)
Distribution of family income - Gini index31.9 (2012 est.)
27.3 (1995)
Budgetrevenues: $984 billion
expenditures: $1.052 trillion (2013 est.)
Taxes and other revenues47.6% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-3.3% of GDP (2013 est.)
Public debt133% of GDP (2013 est.)
126.9% of GDP (2012 est.)
note: Italy reports its data on public debt according to guidelines set out in the Maastricht Treaty; general government gross debt is defined in the Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year, in the following categories of government liabilities (as defined in ESA95): currency and deposits (AF.2), securities other than shares excluding financial derivatives (AF.3, excluding AF.34), and loans (AF.4); the general government sector comprises the central government, state government, local government and social security funds
Inflation rate (consumer prices)1.2% (2013 est.)
3% (2012 est.)
Central bank discount rate0.25% (31 December 2013)
0.75% (31 December 2012)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
Commercial bank prime lending rate5.2% (31 December 2013 est.)
5.22% (31 December 2012 est.)
Stock of narrow money$1.138 trillion (31 December 2013 est.)
$1.162 trillion (31 December 2012 est.)
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
Stock of broad money$2.15 trillion (31 December 2013 est.)
$2.134 trillion (31 December 2012 est.)
Stock of domestic credit$3.407 trillion (31 December 2013 est.)
$3.438 trillion (31 December 2012 est.)
Market value of publicly traded shares$480.5 billion (31 December 2012 est.)
$431.5 billion (31 December 2011)
$318.1 billion (31 December 2010 est.)
Agriculture - productsfruits, vegetables, grapes, potatoes, sugar beets, soybeans, grain, olives; beef, dairy products; fish
Industriestourism, machinery, iron and steel, chemicals, food processing, textiles, motor vehicles, clothing, footwear, ceramics
Industrial production growth rate-2.7% (2013 est.)
Current Account Balance-$2.4 billion (2013 est.)
-$14.88 billion (2012 est.)
Exports$474 billion (2013 est.)
$478.9 billion (2012 est.)
Exports - commoditiesengineering products, textiles and clothing, production machinery, motor vehicles, transport equipment, chemicals; food, beverages and tobacco; minerals, nonferrous metals
Exports - partnersGermany 12.63%, France 11.11%, United States 6.84%, Switzerland 5.72%, United Kingdom 4.72%, Spain 4.48% (2013 est.)
Imports$435.8 billion (2013 est.)
$453.5 billion (2012 est.)
Imports - commoditiesengineering products, chemicals, transport equipment, energy products, minerals and nonferrous metals, textiles and clothing; food, beverages, and tobacco
Imports - partnersGermany 14.73%, France 8.4%, China 8.4%, Russia 6.35%, Netherlands 5.85%, Spain 4.54%, Belgium 4.09% (2013 est.)
Reserves of foreign exchange and gold$181.7 billion (31 December 2012 est.)
$173.3 billion (31 December 2011 est.)
Debt - external$2.604 trillion (31 December 2013 est.)
$2.516 trillion (31 December 2012 est.)
Stock of direct foreign investment - at home$466.3 billion (31 December 2013 est.)
$457.8 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$683.6 billion (31 December 2013 est.)
$653.3 billion (31 December 2012 est.)
Exchange rateseuros (EUR) per US dollar -
0.7634 (2013 est.)
0.7752 (2012 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of August 23, 2014